The launch of our new SPG parent company has come at a time of great achievement for the group. This month, we reached a critical milestone in our journey – but more on that later. Firstly, I wanted to answer some questions around what SPG is and our future plans.
What is SPG?
Firstly, the name SPG will be new to everyone, but we have been working behind the scenes to re-organise our group structure to enable our key assets of Shieldpay and Paycast (and any future assets) to flourish. SPG (Secure Payments Group) is the new holdings company name for the group.
The future of the group
SPG aims to become the market leader in high value payments. Beyond professional services (serviced by Shieldpay) and merchant services (Paycast’s focus) we have identified six other sectors of the payment ecosystem that are ripe for disruption; they are sectors that are very archaic by nature, struggle with trust and are only currently serviced by expensive payment processing. These sectors include rental deposits, residential and commercial real estate, supply chain payments, letters of credit and cryptocurrency exchange. SPG aims to add additional assets to the portfolio focused on these sectors to broaden our reach. All assets will also utilise the core payments engine and shared services to add significant value to the group as a whole.
What’s better than $1bn processed? …$2bn!
In April, we announced that the group had reached an important milestone having processed a cumulative $1bn of payment volume. Just three months later, we’ve broken through $2bn.
To highlight the growth of the business, it took SPG the first three full trading years to process $1bn, it then took just three months after that to process the second. The group has seen a 1600% increase in payment volume, and a 250% year-on-year growth in revenue since July 2020. All of this with bootstrap marketing and a fraction of the marketing spend of other fintechs. Our word-of-mouth growth highlights our fantastic reputation in the market.
Although Total Payment Volume is not a core measure of success, it does show that the professional services sector is now trusting us more than ever with much larger transactions for their clients. Shieldpay provides the platform for law firms to service their clients’ needs faster, cheaper and with a hugely improved user-experience. We have developed a fantastic reputation in the market, demonstrated by now having serviced transactions for 30% of the top 100 law firms in the UK. We are starting to see the uptick in our core KPIs as more clients use Shieldpay, more often, and for even larger transactions. With this $2bn figure now reached, we are at the forefront of legal and proptech payments.
I would like to thank the team for getting us this far in our journey. SPG couldn’t have reached this critical milestone without the continued dedication and incredible work from every member of the team. From the Operations and Sales teams through to Product and Technology, we can truly say this has been a group achievement and one that brings us closer to realising our mission of creating trusted payment experiences that customers love and a company that people love to work for.